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Peter Young is a capital markets lawyer based in our London office and is head of the capital markets practice. He is a qualified partner in England, New York and Ireland and has market-leading experience under United States federal securities laws.
Peter advises on offerings in the US, pursuant to Rule 144A, and outside the US, pursuant to Regulation S. He also assists with SEC-registered offerings. His experience focuses on major debt offerings in sub-Saharan Africa and other emerging markets.
Peter has extensive experience of advising investment banks, sovereign and quasi-sovereign issuers, bank holding companies and corporate clients operating across a broad spectrum of industries, including: financial services; energy; technology; retail; manufacturing; healthcare; power, oil and gas; pharmaceuticals; shipping; and steel.
Peter advises on a wide range of cross-border capital markets transactions, including: sovereign bonds; high-yield bonds; MTN programs; convertible and exchangeable bonds; commercial paper programs; and liability management transactions (including consent solicitations and tender offers). He has assisted with UK and US IPOs and rights offerings, and also advises a number of European corporates on compliance and corporate governance matters.
Peter joined our London practice as a partner in 2012. Prior to this, he was a partner in a leading US law firm based in London.
Peter has been cited as a "leading individual" for debt captial markets in The Legal 500 UK 2016-2021, which has also described him as "dedicated and client-focused" with an "in-depth knowledge of the market and the pulse on the client requirements". Clients have also commented on his "superb know-how and response times". Peter is also rated as "Highly Regarded" in the IFLR1000 rankings.
Peter was elected a Scholar of Downing College, Cambridge and was awarded Hardwicke, Wolfson and Denning scholarships by the Honourable Society of Lincoln's Inn.
- Attorney at Law, admitted in New York
- Solicitor, qualified in England & Wales
- Solicitor, admitted in Ireland
Principal debt transactional experience, advising:
- Ecobank Transnational Incorporated, the holding company of a leading pan-African banking group with a presence in 35 African countries, on its $350 million 8.75% Fixed Rate Reset Tier 2 Sustainability international bond issue, listed on the sustainable bond market of the London Stock Exchange. This is the first ever Tier 2 Sustainability bond issued by a financial institution in Sub-Saharan Africa, and the first to have a Basel III-compliant 10 year no-call 5 structure outside of South Africa.
- Coca-Cola HBC, one of the world's largest bottlers of The Coca-Cola Company's brands, on: its London-listed €5bn debt issuance program in 2020 and its €1bn STEP-labelled ECP programme in 2020; the May 2019 issues of €700m 1.000 percent bonds due 2027, and €600m 1.625 percent bonds, due 2031; the related tender offer for Coca-Cola HBC Finance B.V.'s outstanding €800m 2.375 percent bonds due 2020; and the November 2019 issue of €500m 0.625 percent bonds due 2029.
- Schlumberger, the world's largest oilfield services company, on its €1.5bn triple-tranche bond offering, comprising €500m 0.00% 5-year bonds, €500m 0.25% 8-year bonds and €500m 0.50% 12-year bonds in 2019; its €800 million dual-tranche "tap" issuance in March 2020; and its €2bn dual-tranche bond offering, comprising €1bn 1.375% 6-year bonds and €1bn 2.0% 12-year bonds in May 2020, and its €5bn debt issuance programme in June 2020, each listed on the main market of the Luxembourg Stock Exchange.
- Carnival Group on the English law aspects of its offering of US$4bn 11.5% first priority senior secured notes due 2023, and over US$2bn 5.7% convertible senior notes, due 2023, each in April 2020
- JP Morgan as an initial purchaser of US$225m 9.5% senior secured notes due 2025 issued by Venator in June 2020
- Citi on a high-yield bond issued by Ardagh Group to combine its wood and speciality metal repackaging business with Exal Corporation, a producer of aluminium containers, to create a global packaging company
- Citi as an initial purchaser of US$600m 9.0% senior first lien notes, due 2025, issued by Adient US LLC in April 2020
- Citi on a US$350m unsecured bond offering by Venator, a leading US chemicals company
- Telenor, the leading Nordic telecoms company, on the following transactions: its €10bn debt issuance program in 2020; its SEK7.25bn triple-tranche Swedish kronor bond issue in March 2019 (the largest senior unsecured corporate issue in Swedish kronor to date); its €2.5bn triple-tranche bond issue in May 2019; its €1.5bn triple-tranche bond issue in September 2019; and its €1bn dual-tranche bond issue in February 2020, each listed on the Luxembourg Stock Exchange.
- The Government of Angola on the establishment of the following: its Global Medium Term Note program (listed on the main market of the London Stock Exchange) and its dual-tranche international sovereign bond issues of US$3bn thereunder, which involved the issue of US$1.75bn 10-year bonds and US$1.25bn 30-year bonds; its second international sovereign bond issue of US$3bn, constituting one of the largest sovereign bonds to be issued in sub-Saharan Africa, involving the issue of US$1.75bn 10-year bonds and US$1.25bn 30-year bonds, listed on the main market of the London Stock Exchange; on the award-winning 'tap' issue of US$500m 30-year bonds in July 2018, listed on the London Stock Exchange (Sovereign Debt Deal of the Year - Bonds, Loans and Sukuk Africa Awards, 2019); and its inaugural US$1.5bn bond issue in November 2015, Angola's debut international bond issuance and, at the time, the largest inaugural bond issue by a non-investment grade sub-Saharan African sovereign (Standout Transaction - Innovation in New Markets and Capital, FT Innovative Lawyers Awards 2016).
- Ecobank Transnational Incorporated, the holding company of a leading pan-African banking group with a presence in 36 African countries, on its inaugural US$450m Rule 144A / Reg S international eurobond and its US$50m tap issue, each listed on the London Stock Exchange; and its inaugural convertible bond, the first issuance by an African issuer on the International Securities Market of the London Stock Exchange
- Piraeus Bank and Eurobank Ergasias in their capacity as joint coordinators and bookrunners with the public offering of US$200m 3.6 percent bonds by Aegean Airlines
- Cell C, the leading South African telecommunications corporate, on a highly complex cross-border US$1.28bn restructuring. This was shortlisted for Restructuring Team of the Year - British Legal Awards 2017, Emerging Markets Deal of the Year – TMT Finance Awards 2017, and Legal Adviser of the Year – TMT Finance Awards 2017
- Nordex, the leading German wind turbine manufacturer, on its inaugural US$275m high-yield bond offering of senior notes due 2023, listed on the International Stock Exchange
- Go-Ahead Group PLC on its £250m bond issue listed on the London Stock Exchange
- Petropavlovsk, the London-based gold mining company, on its US$500m international bond offering
- Good Energy PLC on its corporate mini-bond offering
- McLaren on a £200m shareholder investment and on its £370m and US$250m secured notes due 2022
- Aklease on its offering of international bonds listed on the main market of the Irish Stock Exchange
- Sandvik, the Swedish high technology engineering conglomerate, on its €3bn EMTN programme and on its repurchase offer to holders of its €600m 6.875 percent notes and the issue of euro denomination fixed rate notes
- Vattenfall, the leading Swedish power company, on its €10bn EMTN program
- Brack Capital Real Estate on its issue of 4.25 percent convertible bonds due 2020, and its EMTN program
- International Finance Corporation as investor on various debt capital markets transactions
- Kingdom of Bahrain on its US$1bn eurobond and US$1bn Sukuk issues in October 2016, as well as a further issue of US$600m eurobonds in March 2017
- Sequa Petroleum N.V. on its issuance of up to US$300m of convertible bonds due 2020, which were listed on the Oslo Stock Exchange
- Global University Systems on the issuance of a £235m high-yield bond listed on the Euro-MTF market of the Luxembourg Stock Exchange
- Morgan Stanley on the English law aspects of a secured bond issue and ABL facility to support the acquisition of a division of Anixter Inc, a NYSE-listed conglomerate, by American Industrial Partners
- Emerging Africa Infrastructure Fund Limited (EAIF) on its participation (as investor) in the offering and sale of high-yield bonds by Seven Energy Finance Ltd, including on EAIF's investment, environmental and social policies, anti-money laundering and anti-corruption matters
- East West United Bank on the establishment of its US$1bn Certificate of Deposit program
- Global Ship Lease Inc, a containership lessor listed on the NYSE, on its issuance of US$400m first priority secured notes due 2021, which were listed on the Irish Stock Exchange
- Chicago Bridge & Iron Company, a multinational conglomerate in the engineering, procurement and construction industry, on an offering of US$800m notes in a US private placement
- Alfa Laval on its placement of US$110m 5.75 percent guaranteed senior notes
- HSBC on its issuance of, respectively, US$1.4bn subordinated bonds, US$1.25bn non-cumulative step-up perpetual preferred securities, €1.4bn perpetual step-up notes, and US$900m subordinated bonds.
- Investment banks on an offering of US$5bn by Siemens AG, one of the largest German global electronics and engineering companies
- Credit Suisse and BNP Paribas on an offering of €142m senior notes of Magyar Telecom
- Investment banks on an offering of €1bn by Fresenius AG, a global health care group based in Germany
- An investment bank on an offering of €130m senior guaranteed notes of Yioula Glassworks S.A., a leading supplier of glass containers
- Investment banks on an offering of €275m senior secured notes by Vendex KBB, a leading Dutch non-food retailer
- Corus Group, a leading British steel company, on an offering of €600m senior notes and further offering of €200m senior notes
- Citigroup on an offering of €120m by Heckler & Koch, the leading defence contractor in the small arms sector of the European NATO defence market
- Jefferies International on an offering of high-yield notes by Timan Oil & Gas, an independent energy company with assets in Russia
- BG International Finance BV on its €3.5bn EMTN program guaranteed by BG PLC.
Principal liability management experience, advising:
- The dealer manager and consent solicitation agent on a cash tender offer for 11 percent senior notes of Zlomrex and a related consent solicitation and refinancing with new bonds
- Huntsman International LLC, a global manufacturer and marketer of chemical products, on its cash tender offer for €400m of 6.875 percent senior subordinated notes and €135m 7.5 percent senior subordinated notes and the refinancing of new bonds
- Ono Group on its cash tender offer and consent solicitation for, respectively, its 13 percent US$ notes, its 13 percent euro notes, its 14 percent US$ notes and its 14 percent euro notes, (in total amounting to US$350m), and the refinancing of new bonds
- Avecia Group PLC, a British specialty chemicals business, on its cash tender offer for up to 77 percent, US$415m, of outstanding 11 percent senior notes, and its related consent solicitation and refinancing with new bonds
- Dealer-managers on an exchange offer of US$878m subordinated notes of a British-based bank holding company for outstanding notes of a US mortgage company
- ArcelorMittal on its cash offer for outstanding 11.875 percent senior secured notes and the refinancing of new bonds
- Orange PLC (now EE) on its cash offer and consent solicitation of US$200m 8.75 percent notes, and the redemption of US$545m 8 percent senior notes, €100m 7.625 percent senior notes, and £200m 8.625 percent senior notes, respectively.
- BSN Glasspack on its cash tender offer of €180m 10.25 percent senior subordinated notes.
Publication | May 2023
Publication | March 09, 2023
Publication | February 21, 2023